Agriculture News
The sharp drop in HRW CCI rating was led by a 6.2-point deterioration in the Kansas crop and a nearly 3-point decline in Oklahoma.
Above-normal temps and below-normal precip are expected over much of the Plains and western Corn Belt through July. The eastern Corn Belt has elevated chances of above-normal precip.
Wheat, cotton and pork export sales hit marketing-year lows
Wheat futures extended Wednesday’s losses overnight. Corn and soybeans posted two-sided trade, with corn weaker and soybeans firmer early this morning.
Corn and soybean basis each dropped over the past week, but the respective cash prices surged.
Corn futures faced light followthrough selling in overnight trade, while soybeans firmed. Wheat futures are mixed to mostly firmer this morning.
Overnight price action in the grain and soy markets was quiet and choppy.
The winter wheat CCI ratings are below the five-year averages, especially the HRW crop.
Short-term trend turns bullish for SRW wheat, soyoil.
Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.